Remortgage to Avoid Higher Rates: How a Quick Switch Saved This Couple from the SVR Trap

Anonymous Customer Overview

A married couple in their mid-50s—one working in teaching and the other in a private-sector role—based in the South of England recently approached us for help. They had a small remaining mortgage balance and were approaching the end of their 5-year fixed-rate term with Coventry Building Society. With just two weeks left before their mortgage reverted to the lender’s Standard Variable Rate (SVR), time was of the essence. Considering a Coventry Building Society remortgage in 2025 can help avoid similar situations.

The Challenges

The couple’s fixed-rate mortgage was about to expire, and they only had six years left on their mortgage term. Their priorities were clear:

• Avoid switching to a higher SVR and incurring higher monthly payments.
• Secure another fixed rate to provide stability and peace of mind until the mortgage is paid off.
• Minimise additional costs or delays by choosing the fastest available option.

They were also interested in shortening their mortgage term but found their existing lender did not allow this within a rate switch.

Our Remortgage Solution

Given the urgent time constraints and financial priorities, we recommended a rate switch with their current lender, Coventry Building Society. This ensured:

• No delays in securing a new product before their current rate ended.
• No arrangement fees, legal fees, or valuation costs.
• Immediate application and completion process—ideal with just under two weeks remaining.
• A 5-year fixed rate at 4.22%, nearly aligning with the remaining 6-year term. In 2025, considering a Coventry Building Society remortgage could be beneficial.

Although they hoped to reduce their mortgage term to 5 years, the lender’s guidelines prevented this change. However, we recommended they make voluntary overpayments up to 10% annually or a lump-sum repayment after the fixed period to clear their mortgage early—without incurring penalties.

The Results: Financial Stability and Long-Term Peace of Mind

• Secured fixed-rate product just in time, avoiding the costly SVR.
• No upfront fees—a cost-effective solution suited to the small remaining mortgage balance.
• Monthly repayments of only £499.36, which they found affordable now and for the foreseeable future.
• Options to overpay built into the product, helping reduce future interest paid.

“We were relieved that everything came together so quickly. The rate switch happened without any hassle, and knowing our payments are fixed for the next five years gives us great comfort.” — Happy Clients in Hampshire

Frequently Asked Questions

How much can I save monthly by avoiding the Standard Variable Rate (SVR)?

The SVR can often be significantly higher than fixed-rate deals. By switching to a 5-year fixed rate at 4.22%, our clients avoided paying potentially hundreds more per month had they reverted to a typical SVR of 6% or higher.

Can I remortgage to shorten my mortgage term?

Yes, but it depends on your lender. In this case, the lender did not allow changes to the term during a rate switch. However, making overpayments or a lump-sum payment at the end can still help reduce the term and overall interest paid.

What are the fees involved in a remortgage?

This remortgage solution incurred no fees—no arrangement, admin, legal, or valuation charges. We always compare different options and look for cost-effective solutions based on your circumstances. Coventry Building Society remortgage 2025 could offer similar benefits.

What documents are required for a remortgage?

Typical documents include proof of income, ID, bank statements, and your current mortgage details. Since this was a rate switch with the existing lender, far less documentation was needed, simplifying the process.

Can I repay a fixed-rate mortgage early?

You can, but most fixed-rate mortgages come with an early repayment charge (ERC). In this case, the couple can overpay up to 10% annually without penalty. Fully repaying during the fixed period would trigger ERCs—up to 5% in early years, reducing over time.

Ready to Secure Your New Mortgage Rate?

If your fixed-rate deal is ending soon, don’t risk rolling onto your lender’s SVR. Whether you’re planning to remortgage to pay off debt, reduce your term, or secure monthly budgeting certainty—we’re here to help.

Contact us today for no-obligation advice tailored to your goals. Our expert team compares options across the market to save you time, money, and stress—just like we did for this couple considering a Coventry Building Society remortgage in 2025.

Get your free remortgage consultation now.